Figuring out what type of insurance you need can sometimes be a complicated process, and when you add in the fact that policies can be designed differently for someone running a full-time motor trade business verses someone operating a part-time business, it can complicate matters further.

What Is Part Time Motor Trade Insurance?

Part-Time Traders insurance is a type of Motor Trade insurance specifically for traders who operate on a part-time basis.

Road Risk Only Or Combined Traders Insurance?

As a part-time motor trader you will most likely have a small business, and there’s a high possibility you will be operating from home. If so, then you would be best suited to a Part-Time Road Risk Motor Trade insurance policy. You will be able to choose from three levels of cover:

Third Party Only

Third Party, Fire & Theft

Comprehensive

Each level of cover works in the same way as they would for a regular Car insurance policy, allowing you to choose the appropriate level of cover for your business. Whilst a Road Risk Only policy covers you just for driving cars on the road, there are certain Trade Car insurance products you can add on to increase your cover, such as Demonstration Cover and various Liability products.

A Part-Time Combined Motor Trade insurance policy is aimed at motor traders that have bigger motor trade businesses or who operate from a specific business premises such as mechanic’s workshop, and therefore have equipment and stock that they need to insure as well.

Do I Really Need Part-Time Motor Trade Insurance?

Depending on the size of your business, you may think you have no need to take out a Part-Time Motor Trade insurance policy, and you may see it as an unnecessary expense eating into your profits – especially if you already have Car insurance policies for your family cars. However, with a Think Insurance Part-Time Traders insurance policy you will be able to cover your family cars for social, domestic and commuting use, and your spouse can also be covered under your Part-Time Motor Trade insurance policy too. For motorists in your family that are under 25 years old, we would recommend taking out a Think Insurance Young Driver Black Box insurance policy.

Insuring your personal vehicle under your Part-Time Motor Trade policy isn’t the only benefit. You are also able to add Additional Business Use (ABU) to your policy, to cover you when using the vehicle to carry out work for your other occupation.

When Would I Need To Get A Full-Time Traders Insurance Policy?

If your part-time motor trade business starts to grow and it becomes your full-time occupation then you would need to upgrade to a Full-Time Motor Trade insurance policy, as failure to do so could see your policy cancelled or made void. You may find that your insurance prices go down as insurers prefer full-time traders.

Need To Change Your Policy Or Need To Get A Part-Time Traders Insurance Quote?

Whether you need to change your Part-Time Motor Trade insurance policy to a full-time one instead, or if you need to take out a Part-Time Traders insurance policy, you can call 0800 221 8077 – and a member of our highly trained Motor Trade insurance team will be able to walk you through the process and suggest any Motor Trade insurance products that may be suitable to your business. Alternatively, if you just need a quote, click ‘Get a Quote’ below, leave your details, and someone from our team will be in touch!